OCC Cites MUFG Bank Unit For Tech, Operational Risk Issues

By Katryna Perera (September 20, 2021, 9:28 PM EDT) -- The Office of the Comptroller of the Currency on Monday issued a cease-and-desist order against California-based MUFG Union Bank for unsafe or unsound practices regarding technology and operational risk management and the bank's alleged noncompliance with the Interagency Guidelines Establishing Information Security Standards.

According to the order, MUFG Union Bank, which has branches along the West Coast and is owned by Japan's MUFG Bank, has consented to the OCC's enforcement and directives without admitting to or denying the claims.

"The bank has begun corrective action and has committed resources to remediate the deficiencies," the order further states.

The directives outlined in the...

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